The Swiss bank UBS is making a significant move to strengthen its market position in the Middle East. It has appointed a new leadership team for its investment banking division in the region. This move is seen as a clear indication of UBS’s ambitions in the Middle East.
According to a report from Bloomberg, UBS has appointed Hazem Shawki as the head of investment banking for the Middle East and North Africa, including global banking and markets. Shawki, who previously led Goldman Sachs’ investment banking business in the Middle East, has been involved in some of the largest transactions in the region. Tara Luthra will lead global banking with corporate advisory and capital market transactions for the Middle East.
In addition to the new leadership team in investment banking, UBS has also hired Bassel Zaouk, a veteran of Deutsche Bank, for its wealth management division. Zaouk, who has 17 years of experience at Deutsche Bank, including as Chief Country Officer in Saudi Arabia, brings knowledge of the regional markets and a corresponding network. This recruitment is seen as a clear indication that UBS wants to intensify its activities in the region.
The Persian Gulf is becoming a hub for global financial flows, attracting investment banks and wealth managers from around the world. With its oil wealth, the region offers an attractive playing field for ambitious financial transactions. Wealthy families and influential businessmen are increasingly becoming the focus of attention.
Swiss private banks and wealth managers are also expanding their presence in the Gulf region. UBS is using its acquisition of Credit Suisse as an opportunity to rebuild its regional investment banking business, after discontinuing its dealmaking and advisory business in 2022.
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| Information | Details |
|---|---|
| Geography | Middle East |
| Countries | 🇸🇦 |
| Sentiment | positive |
| Relevance Score | 1 |
| People | Tara Luthra, Bassel Zaouk, Hazem Shawki |
| Companies | Deutsche Bank, Morgan Stanley, CS, UBS, Goldman Sachs |
| Currencies | None |
| Securities | None |
